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Dec 26, 2012
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president obama flies back from hawaii tonight to be ready if the senate comes back with a plan when it returns to work tomorrow. and house leaders are huddling with members on stand-by to return. senior congressional correspondent dana bash is following all of it for us. what are you hearing? >> there was a conference call of course members of the house leadership even, they're back in their districts, but there was a conference call today among those house republican leaders trying to figure out if and when the house should come back into session. two republican sources tell me they did not make a decision on this call. it's still up in the air. and a big reason for that is if anything can get done in the next six days, the ball is in the senate's court. the capitol is a ghost town. neither chamber in session. an eerie calm since the fiscal cliff only congress has the power to avert is less than one week away. from their home, senate democratic leaders is trying to figure out if the president's scaled back bill can pass congress at the 11th hour. >> there is absolutely no reason, n
president obama flies back from hawaii tonight to be ready if the senate comes back with a plan when it returns to work tomorrow. and house leaders are huddling with members on stand-by to return. senior congressional correspondent dana bash is following all of it for us. what are you hearing? >> there was a conference call of course members of the house leadership even, they're back in their districts, but there was a conference call today among those house republican leaders trying to...
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Jan 1, 2013
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president obama outlined that yesterday. these tax hikes are not enough for him. that he's going to go after more tax hikes. it's going to be the same discussion. the fact is we're just ceding more and more ground and more and more jobs, by the way, that young people need. so that's one of the things where i think house republicans get it, where at least i mean the majority of our caucus gets it where we're going to stand up against this plan because it's bad for young people, bad for our future, it's bad for the rest of america too. there was a great article in "the washington times" yesterday about why this plan and why plans like this are going to absolutely hurt and bankrupt our generation. i think there's at least a core group of republicans who are actually going to defend that and try to get a real solution done. something that addresses entitlement reform, that doesn't just tax people. this is a tax bill. this just raises taxes. and that's all it's doing. and the fact of the matter is grover norquist, this just shows how little power grover has. grover is
president obama outlined that yesterday. these tax hikes are not enough for him. that he's going to go after more tax hikes. it's going to be the same discussion. the fact is we're just ceding more and more ground and more and more jobs, by the way, that young people need. so that's one of the things where i think house republicans get it, where at least i mean the majority of our caucus gets it where we're going to stand up against this plan because it's bad for young people, bad for our...
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Dec 31, 2012
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under president bush and president obama. and i think republicans ask for less than they should have, we're going to have to ask for more in the way of spending cuts because once we do this very small, large increase on the wealthy, but small amount of revenue, we have to come back again. and i think the middle class has to understand that you can only get so much from the rich when they're already going to be paying over 55% on their ordinary income come next year, at least in my state of california. there is going to be a limit how much you can do. ultimately all taxes end up being paid disproportionately for the middle class. >> are you going to vote for this? >> i haven't seen the bill yet. >> would you vote for tax increases or tax cuts up to 450,000? >> i said aultimately i'll finda way to support something to bring to the american people. i think this bill will have too few cuts and will depend on a small amount of people that candidly don't represent enough money to bring a real fix to our trillion dollar deficit. >>
under president bush and president obama. and i think republicans ask for less than they should have, we're going to have to ask for more in the way of spending cuts because once we do this very small, large increase on the wealthy, but small amount of revenue, we have to come back again. and i think the middle class has to understand that you can only get so much from the rich when they're already going to be paying over 55% on their ordinary income come next year, at least in my state of...
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Dec 29, 2012
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to avoid tax hike and spending cuts from taking effect. lisa desjardins is live on capitol hill. what's going on right now? >> reporter: right now it's all behind closed doors, martin. what we just have learned in the last hour, in fact, what reporters have seen here, a surprise. house speaker john boehner was here at the capitol. we're still trying to sort out exactly why he was here, but he wasn't here for very long, it seems. he left in the last hour. also, we were able to see some of senator mcconnell's staffers. i was able to speak to one of them coming in and out of these kind of closed-door planning meetings. he said they've been here since 9:00 a.m. they plan to work all day and we may see his boss, senator mcconnell, later today. that shows us kind of where things stand. i wanted to break this down simply because there's so much that complicates the story. let's look really quickly at a graphic of the basics, what's happening right now. here's where we stand with the fiscal cliff. first of all, who's doing the negotiating? ice the
to avoid tax hike and spending cuts from taking effect. lisa desjardins is live on capitol hill. what's going on right now? >> reporter: right now it's all behind closed doors, martin. what we just have learned in the last hour, in fact, what reporters have seen here, a surprise. house speaker john boehner was here at the capitol. we're still trying to sort out exactly why he was here, but he wasn't here for very long, it seems. he left in the last hour. also, we were able to see some of...
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Dec 28, 2012
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. >>> president obama summoning congressional leaders to the white house, 3:00 this afternoon is the date for one final fiscal cliff showdown. just four days left to get this deal done or massive tax hikes and spending cuts will kick in. >>> the u.s. embassy clearing out of an african nation this morning. deteriorating security in the central african republic has forced the u.s. state department to temporarily suspend operations. there the u.s. ambassador, his diplomatic team and some private american citizens are out of the capital. the country's president has asked france and the united states for help to stop rebels that threaten rule. >>> it's not clear who will replace lisa jackson as the head of the environmental protection agency. jackson announced yesterday she's stepping down in january after the president's state of the union address. the epa created new standards for air pollution from coal power plants on her watch. >>> massachusetts congressman ed ma markey throwing his hat into the ring for kerry's senate seat. a special election would be held early this summer. markey
. >>> president obama summoning congressional leaders to the white house, 3:00 this afternoon is the date for one final fiscal cliff showdown. just four days left to get this deal done or massive tax hikes and spending cuts will kick in. >>> the u.s. embassy clearing out of an african nation this morning. deteriorating security in the central african republic has forced the u.s. state department to temporarily suspend operations. there the u.s. ambassador, his diplomatic team...
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Dec 29, 2012
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obama met with top leaders from the both sides of the aisle in a rare meeting that lasted over an hour. afterward, he spoke about the importance of the deal for the u.s.'s still recovering economy. >> economists, business leaders, all think we're poised to grow in 2013. as long as politics in washington don't get in the way of america's progress. so we've got to get this done. >> senate minority leader mitch mcconnell also spoke after their meeting expressing home that the weekend would bring a deal. >> we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation i can make to my conference and the majority leader can make to his conference. and we'll be working hard to try to see if we can get there in the next 24 hours. i'm hopeful and optimistic. >> we're watching that story closely. >>> protesters demanding justice for the young woman who has died now after she was brutally beaten and gang raped on a bus in new delhi earlier this month. our cnn reporters on the ground tell us tod
obama met with top leaders from the both sides of the aisle in a rare meeting that lasted over an hour. afterward, he spoke about the importance of the deal for the u.s.'s still recovering economy. >> economists, business leaders, all think we're poised to grow in 2013. as long as politics in washington don't get in the way of america's progress. so we've got to get this done. >> senate minority leader mitch mcconnell also spoke after their meeting expressing home that the weekend...
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Jan 1, 2013
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has president obama showed when his back support against the wall, he will cave? >> the president has been very strong in these negotiations. you have to keep in mind the republicans really did not want to tax more wealthy people in our society one dime. not a dime, and he's stuck with that. i consider myself a liberal and proud of it. we did not want an increase in t the age with regard to medicaid and cpi with regard to social security benefits. and the president was strong there, and i think he'll continue to be strong, and, you know, i notice a different president since he won this election, i think he is working very closely with congress, and, again, i -- often i'm -- i'm critical for congress for not coming to the table and compromising. critical for trends for saying my way or the highway. but at some point, we've got to take care of a lot of people like folks in my district, who through this deal will at least be able to get unemployment benefits, and a number of others that mean something to middle class families. >> are we setting up ourselves for fight
has president obama showed when his back support against the wall, he will cave? >> the president has been very strong in these negotiations. you have to keep in mind the republicans really did not want to tax more wealthy people in our society one dime. not a dime, and he's stuck with that. i consider myself a liberal and proud of it. we did not want an increase in t the age with regard to medicaid and cpi with regard to social security benefits. and the president was strong there, and i...
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Dec 25, 2012
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president obama spending christmas eve on the links in honolulu with friends. while lawmakers relax at home for the holidays. right now the senate looks like it might be the only hope for a compromise deal. can a deal be struck? white house correspondent brianna is traveling with the first family in honolulu, hawaii. hey, brianna, good morning. >> good morning, to you, it's been many silent nights actually in washington these days. not because there's nobody there to sort of figure out what's going on with the fiscal cliff but also, because folks really aren't talking. we know the white house is talking to senate democrats as we look to the senate as he reconvene on thursday, really, the last-ditch effort to try to do something. as of yet, congressional democrats in the white house are not talking with congressional republicans. that's even at the staff level. what we're expecting now is that the senate majority leader harry reid will try to get something together to get republican support in both the house and the senate. but what they're looking at now is a s
president obama spending christmas eve on the links in honolulu with friends. while lawmakers relax at home for the holidays. right now the senate looks like it might be the only hope for a compromise deal. can a deal be struck? white house correspondent brianna is traveling with the first family in honolulu, hawaii. hey, brianna, good morning. >> good morning, to you, it's been many silent nights actually in washington these days. not because there's nobody there to sort of figure out...
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Dec 26, 2012
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>>> we told you last hour president obama is spending his last few hours in hawaii before returng early to washington. he's expected to arrive tomorrow, just five days ahead of the fiscal cliff, which includes an across the board tax hike that congress has tried but failed to undo. cnn's dana bash is with us from washington, our senior congressional correspondent. we spoke last hour. you told us that hour speaker john boehner was to convene this conference call to decide whether or not to call the house back into session. we know the senate is supposed to convene, but nothing can, of course, take place until the house is in session as well. do we know the results of that conference call? will boehner reconvene the house? >> reporter: i'm told by a source familiar with the call, which just happened within last hour, as you said, that no decision was made on the schedule or timing for the house. as we talked about an hour ago, the leaders in the house have promised the members that they won't be called back without 48 hours notice. so at this point it is wednesday afternoon, they won't ev
>>> we told you last hour president obama is spending his last few hours in hawaii before returng early to washington. he's expected to arrive tomorrow, just five days ahead of the fiscal cliff, which includes an across the board tax hike that congress has tried but failed to undo. cnn's dana bash is with us from washington, our senior congressional correspondent. we spoke last hour. you told us that hour speaker john boehner was to convene this conference call to decide whether or not...
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Dec 28, 2012
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the president on entitlement spending. speaker boehner on upper income tax rates. speaker boehner, though, could not get conservative republicans to go along and seemed at a loss on what to do next. >> we can't cut our way to prosperity. we need real economic growth. many of us believe on both sides of the aisle on the fundamental reform of the tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there, god only knows. >> president obama, meantime, seemed to lose patience. no sign he's eager to go off the cliff, but he's also not ready, either, to get in his words, what he'll get for free when the bush tax cuts expire tuesday morning. democratic lawmakers, though, are more willing to let that and everything else happen and both sides are still pointing fingers. take a look at mitch mcconnell and harry reid just this afternoon. >> you'll excuse me if i'm a little frustrated at the situation. >> republican leader finds himself frustrated. >> i say i'm frustrated because we have been a
the president on entitlement spending. speaker boehner on upper income tax rates. speaker boehner, though, could not get conservative republicans to go along and seemed at a loss on what to do next. >> we can't cut our way to prosperity. we need real economic growth. many of us believe on both sides of the aisle on the fundamental reform of the tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there,...
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Dec 24, 2012
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it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the president wants which is something that is raising taxes on all americans making more than $250,000. that's the senate. never mind the house, which of course, made clear to the house speaker that they won't ev
it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to...
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and spending cuts. so there is a lot to be resolved here in the next few hours. >> too bad we only found out about this, you know, yesterday or the day before. 517 days they've had to work out the details and now we're talking about them all. brianna, we'll be busy today and may be ringing in the new year together. brianna keilar in washington. >>> a ball dropping in washington, a ball dropping in times square it looks like we'll go off the fiscal cliff. here's what it means to you. your paycheck will shrink. the payroll tax holiday is likely going away, for someone making $50,000 a year, it means $80 out of your paycheck. taxes will rise for 90% of americans by about 2,000 a year for those making between $40,000 and $60,000. making six figures? taxes go up by $13,000 if congress doesn't act. and the hit that families will take. four tax credits in danger of disappeared. four family tax credits, including earned income tax credit, close to $6,000 families for families making $50,000. american opportunit
and spending cuts. so there is a lot to be resolved here in the next few hours. >> too bad we only found out about this, you know, yesterday or the day before. 517 days they've had to work out the details and now we're talking about them all. brianna, we'll be busy today and may be ringing in the new year together. brianna keilar in washington. >>> a ball dropping in washington, a ball dropping in times square it looks like we'll go off the fiscal cliff. here's what it means to...
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big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out. already the markets are reacting to the news within the last hour. yesterday the markets dipped a little bit on reid's comments in the senate. so they are worried about the economy. i think purely politically, obama will be strengthened once we go over. >> ryan lizza, thank very much. it's going to be an interesting couple of days. >> yeah, it sure is. >> thanks, ryan. >>> weapons of war on the streets of los angeles.
big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people...
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. >> why have you been so consistently supportive of obama? >> i can't even imagine thinking about what would happen to the supreme court if a republican were the president, you know? i mean, citizens united is a horrible thing that people can spend and waste this amount of money on elections? think of all the -- you know, the people that could benefit from that money, you know? >> there have been two elections since i've been in america, there have been two elections where one party has had far more financial firepower than the other. one was here in california with meg whitman, one was nationally, but romney clearly had more money than obama. for most of that campaign. in both cases, the one with the most money lost. >> isn't that great? >> what does that tell you? >> people are getting smarter. i don't like all this amount of money spent on this election. there should be a give -- campaign finance reform is very important. i hope somebody does something about it. you should have a given amount. equal amount. equal air time and that's it. yo
. >> why have you been so consistently supportive of obama? >> i can't even imagine thinking about what would happen to the supreme court if a republican were the president, you know? i mean, citizens united is a horrible thing that people can spend and waste this amount of money on elections? think of all the -- you know, the people that could benefit from that money, you know? >> there have been two elections since i've been in america, there have been two elections where...
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but mostly the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says, no, let's raise taxes instead, now we're dealing with tens of trillions of dollars of unfunded liabilities that were not -- for four years obama's done nothing on entitlement reform. nothing, nothing, nothing, for four years. a lot of golf. nothing on entitlement reform. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. so it's -- there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest, and work. and the other thing you do is you never get to reform government entitlements. >> that's not causal, though. >> it is, it is, absolutely. >> it's not. >> you live in new york. i live in d.c. >> yeah. >> washington. this is all causal. the reason he
but mostly the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says, no, let's raise taxes instead, now we're dealing with tens of trillions of dollars of unfunded liabilities that were not -- for four years obama's done nothing on entitlement reform. nothing, nothing, nothing, for four years. a lot of golf. nothing on entitlement...
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obama's comments angered republicans. so i think they're back in the negotiating room, republicans pushing harder on the spending cuts side. that's what we've seen through the the day. >> ali, based on my years of covering washington, the longer there's no final vote in the senate and house, the more likely this whole thing could collapse. >> yeah. gives everybody a chance to think it through. this is kind of the contradiction in this whole thing. when you think back to the debt ceiling deal, you think back to the government shutdown. these are all eleventh hour deals. we've become accustomed to doing things before the deadline. there's some sense of urgency. what you've heard throughout the day is we don't like that the white house, that they're moving toward a higher threshold on taxes. the longer it doesn't get done, the more people say let's take a harder line yet. i like you wolf, we're going to sit here until it happens. i'm not sure it's going to happen. there are still some remarkable philosophical differences. a
obama's comments angered republicans. so i think they're back in the negotiating room, republicans pushing harder on the spending cuts side. that's what we've seen through the the day. >> ali, based on my years of covering washington, the longer there's no final vote in the senate and house, the more likely this whole thing could collapse. >> yeah. gives everybody a chance to think it through. this is kind of the contradiction in this whole thing. when you think back to the debt...
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refuses to concede that social security, medicare, medicaid are driving future spending and deficits. so when republicans make concessions on taxes they get little in return." are you set up for more confrontatio confrontation. >> i think we are set up for more confrontatioconfrontation. on september 30th, when the clock strikes, we'll be in the same position. the president has made concessions, put on the table reforms to the entitlement program. last year, we were close to a grand bargain. $4 trillion deficit reduction that would include major entitlement reforms. the president has done what he needs to do that's unfair criticism. >> what is lacking, congressman? what is the problem? it is a popular con serb tuf and -- conservative reefrain. where is the impasse in terms of being able to say here are what our priorities are as a party. >> the reason there hasn't been a budget since 2009 because of the filibuster rule in the house. the house under both democratic and republic lay can leadership been able to pass things. we haven't had the ability to come together. this wasn't necess
refuses to concede that social security, medicare, medicaid are driving future spending and deficits. so when republicans make concessions on taxes they get little in return." are you set up for more confrontatio confrontation. >> i think we are set up for more confrontatioconfrontation. on september 30th, when the clock strikes, we'll be in the same position. the president has made concessions, put on the table reforms to the entitlement program. last year, we were close to a grand...
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those $700 billion, this wonderful savings went into obama care. the idea that you save money in medicare, it was saved as part of a big spending program. >> we cut overpayments to insurance companies. >> again, here in washington people say cut while things grow. >> slowing the growth? >> yes. it's sort of like satisfiesing you have a freeze, but it's water and when water freezes it expands. we've grown 100% in 12 years. the government. the government is sig bbigger, unless we do something it will get bigger and the deficit will get bigger even if we raise taxes on everybody. we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all sa
those $700 billion, this wonderful savings went into obama care. the idea that you save money in medicare, it was saved as part of a big spending program. >> we cut overpayments to insurance companies. >> again, here in washington people say cut while things grow. >> slowing the growth? >> yes. it's sort of like satisfiesing you have a freeze, but it's water and when water freezes it expands. we've grown 100% in 12 years. the government. the government is sig bbigger,...
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they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i m
they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts...
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. >>> it is back to work for president obama. he's cutting his vacation short. time is running out to avoid the big tax increases, the spending cuts that everybody is asking can we make a deal. [ female announcer ] almost nothing can dampen a baby's mood, when he wakes up dry in pampers. unlike other diapers, pampers has 3 absorbent layers, for up to 12 hours of protection overnight, and more beautiful mornings. ♪ pampers. peaceful nights. playful days. ♪ you make me happy when skies are gray ♪ [ female announcer ] you know exactly what it takes to make them feel better. ♪ you make me happy [ female announcer ] that's why you choose children's tylenol. the same brand your mom trusted for you when you were young. ♪ how much i love you [ humming ] [ female announcer ] children's tylenol, the #1 brand of pain and fever relief recommended by pediatricians and used by moms cade after decade. [ humming ] >>> we're just five days away from the tax hikes, the spending cuts known as the fiscal cliff, but we are four days away from another financial challenge. t
. >>> it is back to work for president obama. he's cutting his vacation short. time is running out to avoid the big tax increases, the spending cuts that everybody is asking can we make a deal. [ female announcer ] almost nothing can dampen a baby's mood, when he wakes up dry in pampers. unlike other diapers, pampers has 3 absorbent layers, for up to 12 hours of protection overnight, and more beautiful mornings. ♪ pampers. peaceful nights. playful days. ♪ you make me happy when...
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Dec 25, 2012
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. >>> and president obama spending christmas with his family in hawaii and he played a rounds of golf with friends. it will be a short vacation because the president is expected back in washington later this week, just before the fiscal cliff deadline. >>> congress also home for the holidays and that means there's not a lot going on with the fiscal cliff negotiations. if no deal is reached in one week, the tax cuts enacted under president bush will expire and 1.2 trillion in spending cuts will automatically go into effect. if we do go over the fiscal cliff, how will it affect you from your paycheck to your retirement accounts? we're going to give you all the tips you need to protect yourself. here to do that this morning is ry ryan mac, president of opt middle school management. >> kudos for being able to pronounce that honolulu merry christmas saying. >> i don't think i can do it again. ahah! let's start with your paycheck as it applies to the fiscal cliff. if we go off the fiscal live how will mooirn and everybody's paycheck be affected? the majority of the paycheck won't be afeektd
. >>> and president obama spending christmas with his family in hawaii and he played a rounds of golf with friends. it will be a short vacation because the president is expected back in washington later this week, just before the fiscal cliff deadline. >>> congress also home for the holidays and that means there's not a lot going on with the fiscal cliff negotiations. if no deal is reached in one week, the tax cuts enacted under president bush will expire and 1.2 trillion in...
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the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this scenario, married with no children under the age of 65. if a couple in that instance is making about $57,000 a year, then according to the calculations, that couple would end up spending $2,262 more on taxes. that couple is high income earning, $106,000 for the income between the two of them, you're looking at more than $4,200 extra in taxes. a good example there of what we're looking at. i want to show you another example. there's something that might surprise you in the middle of this next one. i want to go to these numbers fast. if this is a couple that's married and has two you
the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this...
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>> what the. >> rob:s are concerned with most is this out-of-control spending. your point about tax increases, what we are looking at now, it is like a mortal wound to our chest. we have blood gushing out of our chest and president obama and the democrats come along and put a band-aid on our forehead, and we continue to have problems coming out of a different area, and they're not addressing the real problem. we need to attack the spending. if we give the president every tax increase that he wants, we have a trial dollar debt every year. >> and the president has addressed that. no one is saying that there should be no spending cuts. he has done that. >> david? >> ultimately, listen, guys, we've got to find a bridge to get across. >> absolutely. >> what are the ways that we can agree on that will help us through that. i would worry if we spend the next three or four days of a time of semi crisis for the country getting back in our fox holes and shoot across at each other. we have to come out of the fox holes. you know our international reputation is going to suff
>> what the. >> rob:s are concerned with most is this out-of-control spending. your point about tax increases, what we are looking at now, it is like a mortal wound to our chest. we have blood gushing out of our chest and president obama and the democrats come along and put a band-aid on our forehead, and we continue to have problems coming out of a different area, and they're not addressing the real problem. we need to attack the spending. if we give the president every tax...
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. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all of the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight this the president is determined to win off his election? >> it's not symbolic. there will be money raised if the taxes are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table an extraordinary amount of spending cuts to the chagrin of many democrats i mig
. >> they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> all...
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president obama is modestly optimistic negotiations can prevent the tax hikes and spending cuts from kicking in. >> we don't yet see an agreement and now the pressure is on congress to produce. if they don't, what i have said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> we're following the last-minute drama to avoid anything bad happening here. dana bash is covering the urgent talks in washington. ali velshi gives us the bottom li line. and alison kosik is on wall street watching how worried investors are reacting this hour. dana, we want to begin with you. we are hearing there might have been some progress overnight. >> a lot more optimism being expressed from sources in both parties. mitch mcconnell who the prime negotiator on the republican side just moments ago told reporters he spoke to the vice president, who is the prime negotiator now on the democrat side. so
president obama is modestly optimistic negotiations can prevent the tax hikes and spending cuts from kicking in. >> we don't yet see an agreement and now the pressure is on congress to produce. if they don't, what i have said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no....
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closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning bright and early. we've been at it for a few hours. we expect them to have a nice christmas meal at the house they're renting. the white house chef is here. maybe we'll get details on what they are going to eat. there is nothing on the president's public schedule. he is frequently gone and visiting with troops in the past so we wouldn't be surprised if he did that again today. i will tell you that bo the dog is actually along for the ride here in hawaii and the white house released a video where bo just really kind of steals the show. let's look at a little of that. this is from the first lady going to the nati
closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning...
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i listened to the gentleman who said president obama won the election so he should get his way, but the republicans say, look, we won the house. i do want to see a deal done. and by the way, i don't want to see taxes go up, ali. you know that. i think it's bad for the economy -- >> but you also generally agree if there was going to be a deal, they're going to go up on some people. >> yeah. look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to look like, what kind of spending cuts will go in. this is politics at its very lowest. >> let's talk about a week ago one of the things that you and i both thought shall i thought it was a bit cynical that john
i listened to the gentleman who said president obama won the election so he should get his way, but the republicans say, look, we won the house. i do want to see a deal done. and by the way, i don't want to see taxes go up, ali. you know that. i think it's bad for the economy -- >> but you also generally agree if there was going to be a deal, they're going to go up on some people. >> yeah. look, taxes are probably going to go up on the rich because president obama did -- you know,...
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more than just about obama and romney, it was about socialism and capitalism and spending and cutting and what kind of role government should have in your life. >> number one is the fiscal cliff. lawmakers saw it coming and didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >> and make sure you join me for the biggest stories of the year in crime, politic, money and the most scandalous stories. the top ten of 2012, 8:00 eastern. a teen battling a terminal illness uses lyrics instead of letters to say goodbyes. >> it's kind of me always being there for him. like if they keep singing that song throughout their life, it will be worth it. >> this teen's final wish, next. s that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. with less chronic osteoarthritis pain. imagine living your life with less chronic low back pain. imagine you, with less pain. cymba
more than just about obama and romney, it was about socialism and capitalism and spending and cutting and what kind of role government should have in your life. >> number one is the fiscal cliff. lawmakers saw it coming and didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >> and make sure you join me for the biggest stories of the year in crime, politic,...
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obama took calls from hawaii where she and the first family are spending the holiday. >> so what will be playing in the background this morning when the kiddies open their present? we're cnn. of course, we found a poll on this. ♪ silent night ♪ holy night ♪ all is calm >> that's right, according to the latest poll, "silent night" is america's christmas song, and who else but byng to sing followed by ""white christ mass" >> none of my made the list. >> "it's beginning to look a lot like christmas" is my favorite. i'll spare the singing. >> it's christmas. >> you don't want that, trust me. >> pretend like you're in the shower. >> i'm a jersey girl so for me it's "santa claus is coming to town" by springsteen but looking at the old school songs i like "i'll be home for christmas." >> that's a great up, too. i've been listening. >> coming up, what was naughty and who was nice in the world of politics this year. >> but first a very merry christmas gang-style. ♪ check out my new treadmill app. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life
obama took calls from hawaii where she and the first family are spending the holiday. >> so what will be playing in the background this morning when the kiddies open their present? we're cnn. of course, we found a poll on this. ♪ silent night ♪ holy night ♪ all is calm >> that's right, according to the latest poll, "silent night" is america's christmas song, and who else but byng to sing followed by ""white christ mass" >> none of my made the...
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more than just about obama and romney, it was about socialism and capitalism, about spending and cutting, about what kind of role government should have in your life. >> number one is the fiscal cliff. lawmakers saw it coming, but didn't bother to pay any attention to it, until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >> don't miss our "top 10 of 2012" special. cnn revisits the biggest stories of the year in money, crime, politics, and even scandals. that's cnn, sunday night, 8:00 eastern. >>> happening now, members of congress are called back to work with time running out to avoid the fiscal cliff. we'll meet one man who's reaching into his own pockets to help america ease its enormous debt. and we're learning how north korea deceived the world, to launch a rocket with the ability to strike the u.s. wolf blitzer is off. i'm candy crowley. you're in "the situation room." >>> on the surface, you might think there's new movement toward avoiding the fiscal cliff that starts making an impact just five
more than just about obama and romney, it was about socialism and capitalism, about spending and cutting, about what kind of role government should have in your life. >> number one is the fiscal cliff. lawmakers saw it coming, but didn't bother to pay any attention to it, until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >> don't miss our "top 10 of 2012" special. cnn revisits the...
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president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> we are just four days away from the tax increases and the automatic spending cuts that are going to affect everybody's finances. the president has now called for congressional leaders to come to the white house in search of a last-minute deal to avoid the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do
president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any...